The New Zealand dollar has been really strong lately. Will it beat the multiyear highs?
NZD/USD broke pivotal support level 0.7140
2019-11-11 • Updated
- NZD/USD broke pivotal support level 0.7140
- Next sell target - 0.7060
NZD/USD today broke below the pivotal support level 0.7140 (which stopped the previous intermediate ABC correction (2) at the end of August, as can be seen from the daily NZD/USD chart below). The breakout of the support level 0.7140 follows the earlier breakout of the 50% Fibonacci correction level of the previous sharp upward impulse wave (1). NZD/USD is expected to fall to the next sell target at the next support level 0.7060 (former resistance level from March and April).
The dollar gains against low-yielding currencies on Wednesday, hitting a five-month high against the yen as US bond yields jumped on the prospects of further economic recovery.
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For those who may be unfamiliar with Price Action trading, the horizontal arrows represent areas where the market structure was broken. As you can see in the scenario above, price broke below the previous low at the two marked instances
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